Archive
Analyses on Value Investing
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Deutsche Wohnen: The Guaranteed Dividend With an Asset Kicker
A 6.5% coupon, legally enforceable, owed by an investment-grade debtor. The squeeze-out floor sits above the share price. The catch: Vonovia owns the clock.
Tatton Asset Management — The Wealth Manager That Owns No Wealth
ROIC 42.2%, 98.3% retention and a fee margin that rises instead of falling. Why the largest client loss in the company's history was a gain.
Heidelberg Materials: Defending the Capital Base, Not Growing It
Recalculated after the 2026 half-year report: ROIC 10.4% above WACC, EV/EBITDA 7.7x, fair value around €184. A cash-return stock, not a growth stock.
Foxtons Group: The Lettings Core Holds, the Valuation No Longer Does
Lettings is growing and the 24–26% M&A ROIC stands, but H1 2026 cuts the earnings base by 19%. Fair value £0.45, bear case at the share price: Hold.